U.S. Real Estate vacation homes are very hot in the market these days, especially for Canadians.
With the arctic conditions in Canada and other states in the north, people tend to look for other locations to enjoy the long vacations.
Furthermore, the strength of the Canadian dollar makes the prices of goods and U.S. Real Estate properties more affordable.
For this reason, Canadians hurry to the southern part of the U.S. to haggle for vacation homes.
Common mistakes for these people is that they lack knowledge regarding the terms and conditions in purchasing a property in U.S. Real Estate, and soon regretting if they face several crises.
Queries like “Is buying a second home a good investment?” or “Can I afford buying a vacation house?” strike your mind. So, if you are playing with the idea of buying a second home in U.S. real estate, listed are some helpful tips that will educate you.
- Edify yourself on the possible ways to title your property as well as the allegations of each kind of ownership.
- The alterations in the Canada- United States Tax Treaty avert holders from paying taxes twice. This treaty contains protection for Canadian financial properties in the U.S., thus, can reduce your overall tax fees. From the first to the 121st day in the U.S., you are not yet entitled to pay taxes.
- Be acquainted with the guidelines regarding your stay in the U.S. Obtain the proper documents, like visa and other identification papers, if you wish to stay longer. Familiarize yourself with the location. Media devices such as photos or virtual tour are not enough in selecting vacation homes. You must personally explore the house to inspect every detail. Good neighbourhood is also a must, as well as safety and ease of access to other locations.
- Hire a property manager in case you plan divide the year of your stay between the two homes, to watch out for it and to avoid burglary and other troubles.
- Insurance is also a main thing when buying a property. Take note that assets located near coastal areas contain often experience hurricanes and flooding, thus making the insurance rate higher.
- Research on the people you hire to assist you on purchasing properties to avoid illegalities. They must be able to present you document that will testify their job.
Above all, planning ahead before making the decision is necessary. Total satisfaction must be achieved in case of pursuing on buying your dream vacation home in U.S. real estate. Look for all the subjects contained within this matter. You wouldn’t want to regret after all your time, money and effort are wasted in U.S. real estate investment.